Friday, December 20, 2019

The Scarlet Letter By Nathaniel Hawthorne Essay - 1183 Words

The Scarlet Letter The title of my novel is The Scarlet Letter by the prestigious author Nathaniel Hawthorne. The story is set in the mid-seventeenth century in Boston, Massachusetts. It is set during a time in which religion seems to govern over all. The puritan people looked up to the reverends and the community leaders and believed whatever they said as their destinies. During this time everyone was expected to follow the puritan law. Public punishment and shame were used to ensure that people would not go astray, and that they would not fail in the completion of their duties to God. The narrator of The Scarlet Letter is an unknown customhouse worker, who is omniscient. He can greatly be compared to Hawthorne, but he should not be taken as a literal embodiment of his opinions. The protagonist of this novel is Hester Prynne. She was sent to Boston by her husband, who was going to join her after he got his affairs in order in Europe. He was captured by indians and she thought he wou ld never return to her. She has an affair and becomes pregnant, the peoplenof the community then realize that she has committed the sin of adultery. She refuses to confess the identity of her baby’s father. Hester is persecuted for committing the sin, and forced to wear a scarlet letter ‘A’ for the rest of her life. Pearl, Hester and Dimmesdale s love child, lives under the same persecution as her mother during the entire novel. She is moody and mischievous little girl. She is very wiseShow MoreRelatedThe Scarlet Letter By Nathaniel Hawthorne1242 Words   |  5 PagesLYS PAUL Modern Literature Ms. Gordon The Scarlet Letter The scarlet letter is book written by Nathaniel Hawthorne who is known as one the most studied writers because of his use of allegory and symbolism. He was born on July 4, 1804 in the family of Nathaniel, his father, and Elizabeth Clark Hathorne his mother. Nathaniel added â€Å"W† to his name to distance himself from the side of the family. His father Nathaniel, was a sea captain, and died in 1808 with a yellow fever while at sea. That was aRead MoreThe Scarlet Letter By Nathaniel Hawthorne960 Words   |  4 Pages3H 13 August 2014 The novel, The Scarlet Letter, was written by the author Nathaniel Hawthorne and was published in 1850 (1). It is a story about the Puritan settlers of the Massachusetts Bay Colony, set around 1650 (2). The story is written in the third person with the narrator being the author. The common thread that runs through this novel is Hawthorne’s apparent understanding of the beliefs and culture of the Puritans in America at that time. But Hawthorne is writing about events in a societyRead MoreThe Scarlet Letter, By Nathaniel Hawthorne919 Words   |  4 Pagessymbolism in Nathaniel Hawthorne’s â€Å"The Scarlet Letter†. Symbolism is when an object is used in place of a different object. Nathaniel Hawthorne is one of the most symbolic writers in all of American history. In â€Å"The Scarlet Letter†, the letter â€Å"A† is used to symbolize a variety of different concepts. The three major symbolistic ideas that the letter â€Å"A† represents in Nathaniel Hawthorne’s â€Å"The Scarlet Letter† are; shame, guilt, and ability. In Nathaniel Hawthorne’s â€Å"The Scarlet Letter†, the firstRead MoreThe Scarlet Letter By Nathaniel Hawthorne1397 Words   |  6 PagesFebruary 2016 The Scarlet Letter was written by Nathaniel Hawthorne in 1850 which is based on the time frame of the Puritans, a religious group who arrived in Massachusetts in the 1630’s. The Puritans were in a religious period that was known for the strict social norms in which lead to the intolerance of different lifestyles. Nathaniel Hawthorne uses the puritan’s strict lifestyles to relate to the universal issues among us. The time frame of the puritans resulted in Hawthorne eventually thinkingRead MoreThe Scarlet Letter By Nathaniel Hawthorne999 Words   |  4 Pages Nathaniel Hawthorne is the author of the prodigious book entitled The Scarlet Letter. In The Scarlet Letter, Hester Prynne commits adultery with Reverend Arthur Dimmesdale. Her husband, Roger Chillingworth, soon finds out about the incident after it becomes clear that she is pregnant. The whole town finds out and Hester is tried and punished. Meanwhile, Roger Chillingworth goes out then on a mission to get revenge by becoming a doctor and misprescribing Dimmesdale. He does this to torture DimmesdaleRead MoreThe Scarlet Letter, by Nathaniel Hawthorne1037 Words   |  5 Pagesthat human nature knows right from wrong, but is naturally evil and that no man is entirely â€Å"good†. Nathaniel Hawthorne, author of the classic novel The Scarlet Letter, believes that every man is innately good and Hawthorne shows that everyone has a natural good side by Hester’s complex character, Chillingworth’s actions and Dimmesdale’s selfless personality. At the beginning of the Scarlet Letter Hester Prynne is labeled as the â€Å"bad guy†. The townspeople demand the other adulterer’s name, butRead MoreThe Scarlet Letter By Nathaniel Hawthorne1517 Words   |  7 PagesNathaniel Hawthorne composes Pearl as a powerful character even though she is not the main one. Her actions not only represent what she is as a person, but what other characters are and what their actions are. Hawthorne makes Pearl the character that helps readers understand what the other characters are. She fits perfectly into every scene she is mentioned in because of the way her identity and personality is. Pearl grows throughout the book, which in the end, help the readers better understandRead MoreThe Scarlet Letter, By Nathaniel Hawthorne1488 Words   |  6 Pages In Nathaniel Hawthorne’s novel The Scarlet Letter, the main character, Hester Prynne, is a true contemporary of the modern era, being cast into 17th century Puritan Boston, Massachusetts. The Scarlet Letter is a revolutionary novel by Nathaniel Hawthorne examining the ugliness, complexity, and strength of the human spirit and character that shares new ideas about independence and the struggles women faced in 17th century America. Throughout the novel, Hester’s refusal to remove the scarlet letterRead MoreThe Scarlet Letter By Nathaniel Hawthorne1319 Words   |  6 PagesPrynne and Arthur Dimmesdale are subject to this very notion in Nathaniel Hawthorne s The Scarlet Letter. Hester simply accepted that what she had done was wrong, whereas Dimmesdale, being a man of high regard, did not want to accept the reality of what he did. Similar to Hester and Dimmesdale, Roger Chillingworth allows his emotions to influence his life; however, his influence came as the result of hi s anger. Throughout the book, Hawthorne documents how Dimmesdale and Hester s different ways of dealingRead MoreThe Scarlet Letter By Nathaniel Hawthorne1714 Words   |  7 PagesSome two hundred years following the course of events in the infamous and rigid Puritan Massachusetts Colony in the 1600s, Nathaniel Hawthorne, descendant of a Puritan magistrate, in the 19th century, published The Scarlet Letter. Wherein such work, Hawthorne offered a social critique against 17th Massachusetts through the use of complex and dynamic characters and literary Romanticism to shed light on said society’s inherent contradiction to natural order and natural law. In his conclusive statements

Thursday, December 12, 2019

Managing Cross Cultural Environment by Businesses in International Mar

Table of Contents Introduction Task 1 Discussion the chosen literature review Cross culture issues in marketing communications Cultural dilemmas of international management International organisations and operations addressing the cross culture communications condition efficiently Conclusion Task 2 Introduction Importance of the review literature and existing research. Conclusion Reference list Introduction Cross culture is one of the long known as the influence to the communications and success factors in the international business competition. Cultural awareness shapes the business firms behave in a culturally shaped international market. In order understand the communications process and cultural differences, company must adjourn the skills to capture the large competitive market in global platform (Arnould and Thompson, 2009). The field of international management is very much new and are known for changing rapidly within the change of the business areas. Globalisation has created large number for the companies to maintain the cultural decorum whole conducting business in the other nations. As noted by Theodosiou (2008), there has been numerous occasion , most of the companies are being and trying act and behave as loyal in order to sustain in that nations for create brand awareness among worldwide. This study will takes the 3 major literature theories of the already discussed liter atures review and will discussed the gap and the research design these literature ahs chosen (Brodie et al. 2008). Apart from that study also focus on the gap of these literatures which will be further reviewed within the existing literature review. Task 1 Question-Undertake a review of existing literature and research undertaken in the "field (Managing Cross Cultural Environment by Businesses in International Markets)" you selected to make a research design proposal? Discussion the chosen literature review Cross culture issues in marketing communications Kathy (2011), the chosen Literature has been given in doeth analysis of the culture of marketing communications in the international market. The literatures suggest that, communications is one of the most important parts of the any business form in order to achieve success in the current contemporary competitive market (Tsai et al. 2007). Even if the world has become more global, most of the nations are being has been claiming for the right to a culture in the internationally platform. The nation culture is depended upon their wearing, demographic, economic development and the living style of those people. As noted Rangaswamy et al. (2008), there have been numerous occasions, when the company is looking to manage and control the market by making scapegoat a culture. Cultural differences could create company to resist in the market. Most of the time, companies fails their products in certain countries, although it is very much known brand all over world. This simply because the lack o f the intangible barrier which cannot be seen by these companies. The literature also give emphasis on the importance of cross culture communications in China marketing , since there is many more factors that influence the relationship between Chinese and non Chinese business (Kathy 2011). As the literature mainly focusing on the Chinese economy and their cultural because of the China is being one of the large and potential destinations for the international brands. Apart from that study also focuses on the globalisations perspective which has made the marketing managers to understand the various cultures of different nations in order to promote their products in the international market (Adcock, 2010). The impact of the culture market communication leads to influence of the Chinese and western international business negotiations helps these companies to sustain the sensitive market like china (Boone and Kurtz, 2012). Cross culture communication is also one of the major factors which gives insight of the customer are different and their fundamental aspect of life is very much different from the other nations (Bose, 2010). Cultural dilemmas of international management The aim of this literature is to direct the cultural aspects of the international business management problems and the reason for the fail in the chosen the perspective to fight with cultural difference by the various international companies (Małgorzata and Luis, 2009). The first part of the chapter shows that, international management and the cultural dilemmas of the companies which are facing tough to survive the in the international market. With the help of various model like EPRG and I/R grid and as well as the intercultural management models which will give emphasis on the cultural dilemmas subject (Brodie et al. 2008). Figure 1: I/R Framework This above diagram depicts the problems in the international management while conducting the business in the international market ethnocentric, polycentric, and geocentric and the opportunism (Ephraim, 2013). There has been ample evidence which shows that, company changes its marketing strategy as the company is able to change overtime as its Globalisation deepens. The external selection factors are being ingrained within the home and host nations of which internalisations of the industries and the influence of the international institutions. The study will also give an insight of the I/R Grid framework which strong support the thought of the cultural diversity within the international business in order sustain in the international market (Rangaswamy et al. 2008). The selected problems during the time of internationalisations cultural dilemmas can be managed via implementing the effective international strategy, managing the appropriate organisational design and managing the people i n a cross cultural environment. Cultural differences helps to influence the all the common areas which will direct the gain the stakeholders confidences by creating values, beliefs and convictions and basic assumption of the certain areas (Javalgi and White, 2010). International organisations and operations addressing the cross culture communications condition efficiently As far as the study concern, the Globalisations has changes the form of the managing the markets by implementing the cross cultural communications within the decision making process of the organisations. The 21st century has global and independent economy which strongly shows the business leaders and their international entrepreneurship movement (Ephraim, 2013). The global exposure has been able to create think globally while producing or distributing the goods and services. With the help of cross culture communications, multinational companies are looking to manage the internal management skills in order to increase the scope of large customer base of their products and internal investment which will makes the company one of the largest franchisee in future (Ephraim 2013). One of the major challenges faced by the international business is choosing the transmission of send the message to the customers. Figure 2: Hosfstedes cultural dimensions theory With the help of Hosfstede cultural dimensions develop the cross culture negotiations and decision making within and among the companies. Importance of the cross culture depends upon the management and their strategies in their negotiations and cross cultural interactions. For examples, international business etiquettes requires the ability to adopt different national processes and patterns while entering into the global market (Bottomley and Doyle, 2008). One of the major challenges that are faced by the most of the organisation are direct eye contact and measure the honesty level and integrity from their work ethics are one of the major instrument of assessing the company progress in USA. However, in China and in some of the Asian nations direct eye contact mean to rudeness behaviour (Theodosiou, 2008). Therefore, much is depend on the tone and expression of facial consist shows the culture specific and non verbal communications. On the other hand, as noted by Varey (2007), with the help of comparative analysis of global business etiquettes, manager will have enough scope to manage the goodwill and creditability. For instance while conducting business in China, one must ensure to for face giving and face taking rather just selling of the products. Business etiquettes in England are based on the strong sense and based on the deadline oriented in business negotiations (Doole and Low, 2008). Conclusion From the above discussion it has been found that, global business orientations is very much expresses to use various model and theory to manage the cross culture environment within the international business market. These above theory has various gaps like cross culture concepts , and international business concept is very much wide aspect for the company. Managing cross culture within the nations is one of the major challenges which cannot be mitigate the by the some normal etiquettes or the market knowledge. This gap will be filled by the post reviewed literature which has not been yet discussed in all of these chapters. Task 2 Question- a. explain the importance of review literature and existing research in the research process. b. describe and evaluate the main sources of information for a literature review and justify your conclusions. Introduction The study of managing cross culture environment by business in international markets is the major purpose of the existing literature. After reviewing the existing literature given in the cross culture environment, it has been found that, there is huge gap in the field of research (Bose, 2010). The current research requires analysing the cross culture marketing tools to sustain in the international market which is somehow lacking the existing objectives of the research. Importance of the review literature and existing research The reviewed literature has given insight of the cross culture movement within the current competitive global business scenario. As the business is expanding worldwide, most of the business managers are looking to implement the cross culture environment within their business in order to maintain the decorum within the changing business environment. As noted by Adcock (2010), the above literatures focus on the communion skills etiquettes and cultural dilemma about the internal business globalised business. Specifically in that of communications, international business give emphasis to the cultural differences influences all areas which are mentioned above. However, there has been some of the gap which shows the objectives of the current literature is not been satisfied and is needed further studies for which the current study is required. The current study will mitigate the gap of business expand in the international markets, major ways in which performance of management of business p rocess can be ensured in a positive manner throughout the international markets (Boone and Kurtz, 2012). On the contrary, as discussed by Bottomley and Doyle (2008), the existing research will fill the gap of above given literatures which basically focus on the communications and etiquettes. The above literature requires further study for depend upon the study of cross culture in the international perspective. The entire objectives of the existing research has been not fulfilled as per the above objectives, In spite of that, the above literatures only fulfil theist objective of the study which is to analyse the need and importance of performing the management of cross cultural environment conditioned in the Global market (Theodosiou, 2008). Apart from that rest of two are been discussed above in detail. The above, study has done in the year 2009 which is very much outdated as per the companies report. The existing res4erachahs not fill gap of the current study of researcher which why the further study is required to get ensure that all major objective of the studies would fulfil. One of the major objectives which is to issues that faced by most of the internals business are being not discussed deepen (Kathy 2011). Only challenges like communication Gap international market and some of the major expression while conducting business has been conducted. Apart from that, the current study needs and great emphasis on the cross culture dimension for the conducting international business in a global platform (Bose, 2010). There has been ample evidence which shows that, the second most objective which is yet to be discovered in the above literature review. For the current assessment various types of ethnic group and their STP process is required to conduct business in other parts of the nations (Bowman and Gatignon, 2010). Conversely, the gap of STP process which is needed to be control and managed by the consumers of cross culture and different ethnic group which will again satisfies the current study. Conclusion As observed from the study, the researcher was not able to gather knowledge and decision making from the existing literatures. Cross culture is considered as one of the major essence of the topic and the existing literature is lacking to determine the choice selection of models. Cross culture recognition the growth was not achieved by particular organisations. There is gap in the above literatures which will be further discussed in the topic. Apart from that, the satisfaction level of the with existing level is low because most of the given literature shows that, MNC need to focus on the communications, etiquettes and interaction strategy while opening international business. However, all of these study does not satisfies the perception of the cross culture which could have been marketings strategy like STP process and Acculturation theory and model would reduce the gap within the existing literatures. Reference list Books Adcock, D. (2010) Marketing: Principles and practice. 4th ed. London, Thousand Oaks CA: Sage Publication. Boone, L. E. and Kurtz, D. L. (2012) Contemporary Marketing, Page 84, 7th ed. New York: Kaplan Publishing. Bose, C. (2010) Modern Marketing Principles Practice. . 5th ed. Mason: South-Western Cengage Learning. Bowman, D. and Gatignon, H. (2010) Market Response and Marketing Models, 4th ed. London: Routledge. Doole, I. and Low, R. (2008) International marketing strategy. 5th ed. Bedford, London: Thomson Learning. Varey, R. (2007) Marketing communication: principles and practice. 5th Edition. McGraw-Hill: London. Journals Kathy T, (2011), Cross-Cultural Issues in Marketing Communications: An Anthropological Perspective of International Business, International Journal of China Marketing, vol. 2(1) 2011. Małgorzata R and Luis B, (2009). Cultural Dilemmas of International Management, Journal of Intercultural Management Vol. 1, No. 1, April 2009, pp. 9199. Ephraim O, (2013). International Organizations and Operations:An Analysis of Cross-Cultural Communication Effectiveness and Management Orientation, Journal of Business Management. Volume1 Number 1, January 2013. Arnould, E. J. and Thompson, C. J. (2009) Consumer Culture Theory (CCT): Twenty Years of Research. Journal of Consumer Research, 31(4), 868-882. Managing cross cultural environment by businesses in international mar Question- Write a Research Proposal on Managing cross cultural environment by businesses in international markets?The research proposal must include a background which describes the basic situation underlying your project? Introduction Background: Businesses perform the expansion of their business activities at regular basis with a view to achieve higher level of growth in their operations. Such international expansion of business processes has been highly popularised because of closer integration of the world economy, and also because of rapid pace with which globalisation is pursued by businesses. There have been higher growth opportunities available in the international markets that drive businesses in expanding into such markets. However, the major business issue to them is mainly from the cross cultural environment conditions faced by them in the international markets which create difficulties to them in managing their processes successfully. The successful management of business activities require appropriate strategy and approach with respect to different important aspects related to it. As in respect to businesses in international markets, they are required to make adequate level of considerations for the c ross cultural environment conditions as prevalent within it (Ajami and Goddard, 2006). A study as carried out by Johnson, Lenartoeicz and Apud (2006), it has been assessed that one of the major reasons leading to the failure of businesses in international markets is mainly the lower overall ability of businesses to achieve higher level of competence with regard to the cultural factors. Cross cultural competence is essential to businesses in efficiently performing their operations in markets that are significantly different from their domestic business environment. The role of cultural differences across international boundaries has been identified as significantly important as identified by Shenkar (2001) and this gives an indication of the fact that businesses could achieve success across international environment by focusing towards managing this cultural environment factor. There are various such cases whereby businesses fail to recognise the cross cultural environment conditions across target market, and this has affected their performance in an adverse manner acro ss such international business environment conditions. One such example is of Coca Cola whereby the company failed to understand the cultural conditions across Asian markets, as it involved the slogan such as Coke Adds Life and this has been considered in a different manner by people. Because of the existence of cultural differences across Asian market, this slogan has been interpreted as Coke brings people from the dead situation (Long, 2004). Rationale for the Project: This project on performing the management of cultural conditions across international boundaries is highly justified after looking at the cases of failure of businesses. As suggested by Johnson, Lenartoeicz and Apud (2006), the most number of cases of failure of businesses across international markets is mainly because of lack of appropriate cultural understanding. This research report will allow for identifying the areas that must be given importance and also the ways in which the management of cross cultural environment can be performed in an efficient manner. Benefits of this Research: The performance of this research in an efficient manner will result into the attainment of benefits in the form of identification of important areas that must be given higher level of attention by management while managing their business processes across international environment. Apart from this, the necessary approach that must be followed by businesses in managing their business processes across international environment would also be identified from conducting this research. These benefits will be accrued from the successful completion of this research. Research Question and Research Objective: The research question that will be answered through conducting this research is mainly described as how the issues from cultural differences across international boundaries can be efficiently addressed by businesses? The important research objectives in addressing this particular research question are: To analyse the need and importance of performing the management of cross cultural environment conditions across international boundaries. To identify the issues those are mostly encountered by businesses from expanding to international markets. To evaluate the major ways in which the performance of management of business processes can be ensured in a positive manner across international boundaries in addressing the cross cultural environment conditions efficiently. Research Methods As this research is aimed at assessing the cross cultural management issues faced by businesses when they performs the expansion of their business processes and activities across international boundaries, the researcher is required to make adequate level of consideration with respect to the collection of appropriate data. The data collection methodology is highly essential to be appropriate in ensuring that the research question is appropriately answered. This section of research methodology considers the application of different aspects related to data collection methods so that the actual collection of data can be performed in a highly efficient manner. These aspects are discussed as follows: Research Philosophy: The selection of an appropriate research philosophy is the first and foremost important thing that the researcher is required to carry out in performing the collection of most relevant data. Research philosophy is concerned with the development of research background, research knowledge and its nature. The research philosophy selection can be done from the three available philosophies such as positivism, realism and interpretive research philosophy. The selection of appropriate philosophy is dependent on the nature of the research to a greater level. As in the given research on examining the cross cultural issues faced by businesses across international boundaries, the research philosophy that is highly suitable is positivism philosophy because it has been quite clear that cultural differences poses issues to businesses in successfully performing their operations across international boundaries. As a result, a positivist approach is likely to ensure the collectio n of most relevant data appropriate to answering the research question (Muijs, 2010 Data Types Selection: As a part of performing the collection of data, the researcher is required to make decision with respect to the appropriate data types necessary in achieving the research objectives efficiently. The data types as available are mainly categorised into two major types including the qualitative data and quantitative data. Qualitative data ensures the collection of in-depth data whereby the researcher focuses on collecting subjective data. However, quantitative data is concerned with the collection of numerical data whereby the researcher emphasises on performing the measurement of the collected data. There can be the applicability of mixed research methodology that can be ensured by researcher depending on the type and requirement. In this research on examining the cultural issues in the context of international business management, the data type that has been considered as highly efficient is mainly the application of mixed methodology whereby both the qualitative data and quantitative data would be collected to analyse the cross cultural issues and their impact on organisations performance (Muijs, 2010). Data Collection Methods: The decision regarding the data collection methods is also essential to be made by the researcher and there can be the application of primary data collection method and secondary data collection method that can be performed by researcher in collecting relevant data in the research. This research also involves the application of both these primary data collection and secondary data collection methods to analyse the management of cross cultural management issues in the international context. The primary data involves the collection of first hand data by the researcher by way of applying techniques such as interviews, surveys, observation etc. Secondary data collection method on the other hand involves the collection of data from already available sources including academic journals, books, online sites, company documents etc. This research on investigating the cultural issues in the context of international boundaries will apply primary data collection in the form of interviews and surveys. The application of both these techniques will allow for the collection of both the subjective data as well as objective data. As for instance, surveys would be carried out with the employees of multinational organisational that are operating in UK so that their viewpoints can be identified with respect to managing business processes by their company in the culturally diverse environment context. The surveys would be carried out through the application of appropriate questionnaire that would comprise of questions on the issues of managing business practices across culturally diverse environment. Apart from this, interviews would also be carried out with the managers of multinational corporations that are operating in UK to analyse the major cultural issues as faced by them, and the management strategies that have been c onsidered for their management. In these ways, the collection of data would be carried out in this research on analysing the management of cultural issues in the context of international business environment conditions. In performing the collection of data from both these sources, the sampling size that would be considered is a sample of 10 managers especially from the global management department of the selected multinational organisations, and a sample of 100 employees from such multinational organisations (Creswell, 2003). Analysis of the Collected Data: The data as collected through the application of interview and survey technique needs to be analysed so that appropriate research findings can be reached. This research involves the collection of data from both these sources, and the interview data as collected will be analysed through applying the thematic analytical technique. As per this technique, appropriate themes would be identified in relation to the cultural issues and their management across international context, and they would then be analysed to reach appropriate conclusion. Contrary to this, the quantitative data collected through the application of survey will be analysed in the form of diagrams and charts to better reflect the respondents responses. In these ways, the analysis of the collected data is performed in this research (Creswell, 2003). Ethical, Validity and Reliability Issues: In performing the collection of data, the role of ethics is significant, and the researcher is therefore required to make adequate level of considerations with respect to such ethical values. In this research, the data collection process will be performed by the researcher by way of following higher ethical values which could be achieved through providing self discretion to the respondents as to participate or not to participate in the research. There will also be the adequate level of protection of anonymity and confidentiality of respondents. Apart from this, the validity feature would be observed in the data collection process in this research by way of ensuring the most appropriate selection of target audience in performing the collection of data i.e. the employees and managers of multinational corporations. This would ensure the attainment of higher level of validity over the collected data. The reliability factor would be ensured over t he collected data by making it sure that the researcher himself engages in the data collection process so that biasness can be eliminated throughout the entire data collection process (Berg and Latin, 2007). References Ajami, R.A. and Goddard, G.J. (2006), International business: theory and practice, 2nd ed., M.E. Sharpe. Berg, K.E. and Latin, R.W. (2007), Essentials of research methods in health, physical education, exercise science, and recreation Point, (3rd ed.), Lippincott Williams Wilkins. Creswell, J.W. (2003), Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, 2nd ed, UK: Publisher SAGE. Johnson, J.P., Lenartowicz, T. and Apud, S. (2006), Cross-cultural competence in international business: toward a definition and a model, Journal of Business Studies, Vol. 37, pp. 525-543. Long, C.H. (2004), Religion and Global Culture: New Terrain in the Study of Religion, Lexington Books. Muijs, D. (2010), Doing Quantitative Research in Education with SPSS, (2nd ed.), SAGE Publications Ltd. Shenkar, O. (2001), Cultural Distance Revisited: Towards a More Rigorous Conceptualisation and Measurement of Cultural Differences, Journal of International Business Studies, Vol. 32 (3), pp. 519-535.

Wednesday, December 4, 2019

Monopolistic Competitive Market free essay sample

The term market refers to the place where buyers and sellers meet to engage in transactions that entail the exchange of goods or the provision of services for a consideration. A market is not only characterized by a building where people carry out business transactions. This is because any place that people carry out commerce can be referred to as a market. A market is characterized by various mechanisms that facilitate trade. These mechanisms usually pertain to the supply and demand of products and services (Bergin, 2005). From this explanation it should be clear that a market is comprised of three main elements. The sellers these are the people who bring the products or services to the market to be procured by the willing buyers. At this stage it is imperative to highlight that in most cases sellers are the produces however in other instances the sellers are not necessarily the producers instead they can be traders. The second element of the market is the buyers. Buyers are individual who are willing and able to acquire the products or services being offered at the prevailing market price. Buyers are of two types; there are those that buy the products or services for their own consumption and there are those that buy the products or services in order to resell them in different markets. The buyers who buy the products for their own consumption are referred to as consumers whereas buyers who buy the products or services in order to resell them in different market are commonly referred to as trades and they can also be called arbitragers (Nicholson amp; Snyder, 2008). The third element of the market is the products that are being traded. The term product can be used to refer to either goods or services that are being offered in exchange for a consideration. The term product can also be used to refer to commodities only. General Objectives One of the general objectives of this paper is to facilitate the readers of this document to gain an understanding of how markets work and most importantly how a monopolistic competitive market works. This paper will achieve this through briefly discussing various types of markets and their characteristics. Another general objective of this paper is to compare and contrast the various characteristics of the different forms of market structures. This will serve to enable the readers to carry out a comparative analysis of the various forms of market structures thus they will be able to enhance their knowledge on market structures. This objective will be attained through the analysis of the factors, which are mainly in play for the existence of a particular form of market. The paper will also seek to analyze how the various factors in such markets interrelate in order to develop a market mechanism for that form of market structure. This is because all forms of markets structures have market mechanisms. These market mechanisms are usually as result of the interaction of various factors that are both internal and external to a particular market. Specific Objectives One of the specific objectives of this paper is to discuss the conceptual theory of a monopolistic competitive market. The discussion of the monopolistic competitive market entails analyzing the various factors that characterize this particular form of market structure. This is will be important form enhance the knowledge of the readers of this paper, on monopolistic competitive market structure. The discussion of the conceptual theory will also enable the readers to have a good basis for analyzing and responding to questions that relate to monopolistic competitive market structure. Another objective is to discuss the characteristics of a monopolistic competitive market. The discussion of the characteristics of a monopolistic competitive market structure is important because it will serve to explain how the various factors involved in this type of market structure interrelate in order to this unique type of market. The discussion of the characteristic of a monopolistic competitive market will serve to enhance the understanding of the readers of how companies that operate in such a market carry out their operations. The discussion of these characteristics will serve to inform the readers the various factors that companies operating in this type of market put into consideration during decision-making. This discussion will also enable the readers to be able to identify a monopolistic competitive market in a real business situation. This paper also aims at establishing how market equilibrium is achieved both in the long – run and in the short run. This is mainly because in a monopolistic competitive market structure, market equilibrium is achieved differently both in the short – run and in the long – run. This analysis is imperative mainly because this knowledge enables the management to have a good basis for decision-making. The analysis will provide factors that the management should put into consideration whenever they are making decisions concerning either the short term or the long – term future of a company. The illustration of how market equilibriums are achieved in the short run or in the long run will enable the readers to gain understanding of how the various factors in this market structure relate in the determination of the equilibrium market prices. It will also enable to understand how companies that operate in a monopolistic competitive market adapt themselves in order to be able to operate in this particular form of market at minimal costs and manage to obtain maximum profits. This paper will also provide a practical example of a monopolistic competitive market. In this example, the paper will seek to illustrate how the conceptual theory is exhibited in this form of market structure. This paper will utilize this example in order to enhance the knowledge of the reader on how market equilibrium is attained both in the long – run and in the short – run. This example will illustrate how the various factors are displayed in a real market situation, also this paper will utilize the example to look at the type of decisions that are made by mangers of companies that operate in a monopolistic competitive markets structure. Conceptual Theory There are four forms of market structure namely, monopoly, perfect competition, monopolistic competition and oligopoly. These forms of market structures are characterized by different market conditions. Markets are mainly classified according to the number of firms in the industry or the form of products sold in them. The number of firms operating in a particular market determines the level of competition in that market. Product markets are mainly categorized according to the number of firms in the industry and the degree of competition that is prevalent in a particular industry. At this stage it is also important to highlight that equilibrium prices in these markets are subject to the forces of supply and demand. The forces of supply and demand are known as the price mechanism. An individual firm on itself cannot influence the price of a commodity and can therefore only take the price prevailing in the market. Due to this condition a firm is therefore said to be a price taker (Nicholson amp; Snyder, 2008). The movement along a demand curve is caused by changes in price of a commodity. An increase in price results in a decrease in quantity demanded hence a movement along the demand curve to the left. A shift in the demand curve is caused by changes in factors other than the price of the commodity in question. Different quantities are therefore demanded at the original price. A shift in the demand curve outwards to the right indicates that more quantities are demanded at the original price whereas a shift inwards to the left indicates that fewer quantities are demanded at the original price (Dwivedi, 2006). Movement in the supply curve is similar to movement in the demand curve. A shift in the supply curve refers to a relocation of the supply curve either outwards to the right or inwards to the left due to change in the factors that affect supply other than price. This means that at each price, a different quantity will be supplied that was previously supplied. Equilibrium price refers to the price, where the quantity demanded equals that supplied. It is the price at which the amount the customers are able and willing to buy is equal to the quantity producers willing and able to supply. The equilibrium point, refers to a point at which the demand and the supply curve intersect. Any price above the equilibrium price leads to excess supply, whereas any price below the equilibrium price leads to excess demand. Excess demand or supply causes disequilibrium in the market. Due to the excess demand for a particular commodity in the market, a shortage is created. This shortage causes the consumers to compete for the limited commodity in the market thus making the price of that commodity go up. As he price continues to rise, suppliers put more of the commodity into the market (Mandal, 2007). On the other hand, the high price also discourages some consumers from buying the commodity. This scenario of increased supply and reducing demand continues until the equilibrium price and quantity are set. When there is excess supply of a commodity in the market the prices begins to fall. As the price falls more consumers purchase the commodity. The suppliers also reduce the amount of t he commodity they are releasing into the market due to the falling prices. This scenario of falling supply and increasing demand continues until the equilibrium price and quantity are set. It is also important to highlight that a general assumption in the study of this subject is that firms aim at attaining maximum profits using minimal costs possible. This means during decision making the managers of the firm will always aim at using the least resources possible and utilise them efficiently in order to attain the maximum achievable profits possible. The level of output that will bring about maximum profit in a firm depends on the costs incurred and the revenues earned. Revenues refers to incomes obtained by a firm from the sale of its outputs and they may be categorized into three namely, total revenue, average revenue and marginal revenue. Total revenue refers to the total income earned by a firm from the sale of its output. Total revenue is obtained through multiplying the total output sold by the price. Average revenue refers to income per unit of output. Average revenue can be obtained by dividing the total revenue obtained by the number of units of output. It is important to note that the average revenue is the same as the price of the commodity (Dwivedi, 2006). This implies that the average revenue curve, which relates average revenues to output, is the same as the demand curve, which relates prices to output. Marginal revenue refers to the addition to the total revenue arising from the sale of an additional unit of output. Marginal revenue can also be obtained by subtracting the previous total revenue from the current one and can be seen to be equal to the price and average revenue. Characteristics of a monopolistic competitive market This is a market structure that combines aspects of perfect competition and those of a monopoly. There are many sellers and many buyers just like in perfect competition. The commodities dealt with are similar but each firm tends to differentiate its products from those of its competitors through acts such as branding, packing, wrapping and coloring. A monopolistic competitive market structure is a combination of the features that will be discussed in the succeeding paragraphs. In a monopolistic competitive market there exist many buyers and sellers. This comes in adequately because there is no single firm that can influence the prices of commodities or services in the market. If a business sells its goods or services above the market price then consumers can buy their goods from other businessmen. If a company sells its products at a lower price then chances of making a loss is very high (Mandal, 2007). Though a business may increase its prices in a perfect competition, the action may be risky since customers will move to another business. This is not the case with a monopolistic business, though a firm may lose some of the customers, some will remain due to the kind of relationship they have with the seller or even the quality of the given products. All the aforementioned factors are due to the fact that there is a large number of buyers and customers that act independently. In this form of market structure it is assumed that the sellers and the buyers of commodities are well informed about the market. That is they know the prices, quality of products and all the factors affecting the market. In this market the products are differentiated. The products from different producers either vary in quality or the product is a group of commodities which are close substitutes of each other (Mandal, 2007). For instance, in the toothpaste industry there are different brands such as Colgate, Close– up and Aquafresh. This differentiation of products from different firms enables each firm to enjoy a certain degree of monopoly power. A monopolistic competitive market is characterized by freedom of entry and exit. This means there are no barriers to a business entering or living the market. This means that new firms wishing to supply the same commodity are free to do so (Bergin, 2005). Similarly, existing firms wishing to leave the market are free to do so. How to determine equilibrium in the short – run and long – run on Monopolistic Competitive Market Structure Price and output determination under monopolistic competition Due to product differentiation, a firm under monopolistic competition is able to exercise some influence on the price of the product. This means that a firm can raise prices yet some customers will still buy at these high prices (Dwivedi, 2006). However, many customers will switch to rivals’ products. On the other hand, if the firm lowers the price, it would attract some buyers from the rival firms, thereby increasing its product’s demand. A monopolistically competitive market has a demand curve that slopes downward from left to right. In a monopolistic competitive market the demand curve is fairly elastic. This means that a small change in price will bring about more than proportionate changes in quantities demanded. This is because there are many substitutes in the market. The demand curve is more elastic than the one faced by a monopolist but less elastic than a perfectly competitive market whose demand is perfectly elastic (Jehle amp; Reny, 2011). The relationship between average revenue and marginal revenue is similar to that of a monopolist. For average revenue to be increasing as more units of output are sold, the marginal revenue must be lower than the average revenue. Short – run equilibrium output under monopolistic competition A firm under monopolistic competition will be at equilibrium at an output when profits are maximized. This is the position when marginal revenue is equal to marginal cost. This is at price P1 and quantity Qe. However, there still excess demand and the firm can maximize its profits by changing price Pe. The firm will therefore produce quantity Qe and sell at price Pe (Jehle amp; Reny, 2011). Qe represents equilibrium output and P1 represents equilibrium price. The price at which the equilibrium output can be sold is determined by the demand Curve (Average Revenue) and its price. Profits are maximized at a level of output between O (zero) and the equilibrium quantity demanded. Long – run equilibrium output under monopolistic competition A firm under monopolistic competition can make supernormal profits in the short – run. Since there is free entry of new firm into the market, the supernormal profits will attract the new firms with the effect that demand for the old firm’s customers will be taken by new firms. The demand curve for the old firm therefore shifts right to left (Mandal, 2007). A lower quantity is demanded at each price. Firms are likely to increase expenditure on product promotion due to increased competition, which in turn would cause the average total cost curve to shift upwards. New firms will continue to enter the market as long as the existing equilibrium is achieved and all firms would be earning normal profits. The equilibrium point is where the average revenue is equal to the average cost. This point is achieved in the long run when the average revenue curve is a tangent to the average cost curve. The firm will be at equilibrium when it produces output at the equilibrium quantity demanded (Bergin, 2005). This is where the marginal revenues equal the marginal cost because the firm is in the business of profit maximization. At the point of equilibrium, the average cost is equal to the average revenue. This is so because competitive pressure means that a firm can neither make a loss nor earn supernormal profits. At this point of equilibrium the firm is making normal profits only. Conclusion An example of a monopolistic competitive market is the toothpaste market. The toothpaste market is characterized by firms that offers products that are similar but they are highly differentiated. Consumers of Colgate toothpaste believe that Colgate is the number one brand of toothpaste that ensures strong teeth. As a result of this the consumers are normally willing to buy toothpaste regardless of the price. Consumers of Aquafresh toothpaste believe that Aquafresh is the number one brand that ensures healthy germs and fresh breathe. As a result of this customers are willing to always procure the Aquafresh toothpaste regardless of the price.